Community Restoration Fund Purchases Mortgages
New York is investing over $7.5 million to purchase mortgages from distressed homeowners in order to keep the dwellings from becoming so-called zombie properties. The goal of the Community Restoration Fund Program is to help support homeowners and stabilize neighborhoods.
Among the 398 homes in the program are two in Otsego County, two in Delaware County and one in Chenango County. The program is the state’s first effort into purchasing mortgages to avoid foreclosures.